Australian Business Confidence Rises 9 Points to -5 in June as Middle East Cost Fears Ease
Updated
Updated · Capital Brief · Jul 14
Australian Business Confidence Rises 9 Points to -5 in June as Middle East Cost Fears Ease
3 articles · Updated · Capital Brief · Jul 14
Summary
June business confidence rose 9 points to -5 in NAB’s monthly survey, while business conditions held at +3 for a third straight month.
NAB said firms grew less worried about Middle East tensions as higher fuel prices and supply disruption hit the economy less than initially feared.
Cost pressures also eased from their March peak: purchase cost growth slowed, final price growth moderated, and retail prices fell for the first time in seven years.
Conditions still remained below average, with employment softening slightly, profitability improving and trading conditions broadly unchanged.
NAB said confidence has recovered much of March’s sharp drop, though businesses are still hunting savings through route planning, fuel-efficient equipment and supplier coordination.